Savings Accounts That Pay More
Some savings accounts pay you a higher rate than others.
The idea
A savings account is a place a bank keeps money you are not spending right now. The bank pays you a little extra for keeping it there, and that extra is called interest. A high-yield savings account is simply a savings account with a higher interest rate than a basic one, so the same money can earn more. Rates change over time and are not promised forever, but comparing rates and fees is an easy habit that costs you nothing. 🏦
Words to know
- Savings account
- A bank account for money you are not spending right now.
- Interest
- Extra money the bank pays you for keeping your money there.
- Interest rate
- How much interest you get, shown as a percent per year.
- High-yield savings account
- A savings account with a higher interest rate than a normal one.
- Fee
- Money the bank takes from you for having or using the account.
Try it — no account needed
Swipe true or false about savings accounts.
A high-yield savings account usually pays a higher interest rate than a basic one.
In the full lesson
- 1True or false
- 2Work out the number
- 3Make the call
Vine has 107 lessons like this one, each written three ways so a 7-year-old and a 17-year-old both get a version that fits.
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